GreenTree Hospitality Group Ltd. · NYSE:GHG
GreenTree Hospitality — Q3 2025 Earnings Presentation
29 slides from GreenTree Hospitality's earnings presentation, Dec 22, 2025
Slide 1: 2025Q3 Results
2025Q3 Results December 22, 2025 1
Slide 2: Disclaimer
Disclaimer This presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities. Neither this presentation nor any part of it shall form the basis of or be relied upon in connection with any cont
Slide 3: Contents
Contents 01 02 03 04 2025Q3 2025Q3 2025Q3 Appendix Performance Review Strategic Execution Operating and Financial Highlights 3
Slide 4: 2025Q3 Performance Review
格林东方酒店(克拉玛依独山子区城投大厦店) 005415格林东方德州市平原县德百奇石园酒店 01 2025Q3 Performance Review 4
Slide 5: 2025Q3 Highlights
2025Q3 Highlights RMB Compared with 2024Q3 Hotel RevPAR 124 Down 8.4% Restaurant ADS (1)( Average Daily 3,714 Down 24.1% Sales Per Store) 254.5MM Down 11.3% Hotel Revenues Hotel Income from Operations 69.1MM Down 30.5% with margin 27.2% Adjusted Income from Operations (2) 109.3MM Up 3.6% with margin
Slide 6: Overview of 2025Q3
Overview of 2025Q3 Total Revenues Income from Operations RMB (M) RMB (M) Restaurant 400 Restaurant 120 Hotel 350 Hotel 70.6 100 6.9 300 49.4 99.5 286.9 250 80 254.5 0.9 200 69.1 60 150 100 40 50 20 0 24Q3 25Q3 0 24Q3 25Q3 Net Income Adjusted EBITDA RMB (M) RMB (M) Restaurant 130 70 Hotel Restaurant
Slide 7: Hotel Performance
Hotel Performance RevPAR 2025 RMB 190 212 196 200 177 177 180 164 160 161 157 158 145 152 152 146 136 149 144 144 135 142 137 135 135 131 124 130 150 121 124 131 123 119 124 127 105 115 155 145 149133 96 133 100 111 117108 139 135 139 139 100 129 129117 132119 71 90 120 124 117 117 119 103 119 127 1
Slide 8: Improvement in Direct Sales and Membership Support
Improvement in Direct Sales and Membership Support Corporate Members Individual Members ‘000 ‘000‘000 2500 120 2,277 109 2,145 102 100 2000 80 1500 60 1000 40 500 20 0 0 24Q3 25Q3 24Q3 25Q3 8
Slide 9: AC, ADT, ADS
AC (1) ADT (2) ADS (3) RMB RMB RMB 70 120 6,000 5,525 59 106 5,433 60 101 100 54 53 100 94 90 93 5,000 4,737 4,891 50 48 83 85 4,234 46 46 43 4,029 80 4,000 3,6293,714 40 37 60 3,000 30 40 2,000 20 10 20 1,000 0 0 0 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 23Q4 24Q1 24Q2 24Q3 24Q4 25Q1 25Q2 25Q3 23Q4
Slide 10: 2025Q3 Strategic Execution
02 2025Q3 Strategic Execution 10
Slide 11: 2025Q3 Strategic Execution
2025Q3 Strategic Execution Further Expansion into Mid-to- Upscale Segment Greater Penetration in Tier 3 and Lower Cities in South China 11
Slide 12: Further Expansion into Mid-to-UpScale Segment
Further Expansion into Mid-to-UpScale Segment Hotel New Openings Breakdown by Segment Hotel Breakdown by Segment Mid-to-Upscale Midscale Economy Mid-to-Upscale Midscale Economy Economy 618 Midscale Mid-to-Upscale 650 5000 650 548 618 600 600 548 4,533 550 24.6% 4,405 550 466 24.6% 4500 4,238 13.9% 5
Slide 13: Greater Penetration in Tier 3 and Lower Cities
Greater Penetration in Tier 3 and Lower Cities Hotel New Openings Breakdown by City Tier Hotel Breakdown by City Tier Tier 1 Cities Tier 2 Cities Other Cities Tier 1 Cities Tier 2 Cities Other Cities 700 5000 618 600 548 4,533 7.1% 4500 4,238 4,272 7.1% 466 4,059 9.2% 500 27.0% 420 21.2% 6.4% 405 3,
Slide 14: 2025Q3 and Fiscal Year Restaurant Strategic Execution
2025Q3 and Fiscal Year Restaurant Strategic Execution Restaurant Breakdown by L&O and F&M L&O 200 182 185 180 14 22 Business Model Optimization 160 171 F&M Leads to a Greater Share of 140 160 120 Franchised and Managed 100 Restaurants 80 60 40 20 0 24Q3 25Q3 Proportion of Restaurants Breakdown by Lo
Slide 15: Operating and Financial Highlights
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Slide 16: Hotel Revenue
Hotel Revenue Total Revenue Revenue from L&O Hotels RMB (M) RMB (M) 300 286.9 120 118.2 115.6 269.5 Exemption of 100 250 Fees from 254.5 Franchisees 80 60 200 40 20 150 0 24Q3 25Q3 100 Revenue from F&M Hotels RMB (M) 50 180 167.9 160 153.6 Exemption of 140 Fees from 0 120 138.6 Franchisees 24Q3 25Q3
Slide 17: Hotel Operating Costs and Expenses
Hotel Operating Costs and Expenses Total Hotel Operating Costs and Expenses (1) Hotel Operating Costs RMB (M) RMB (M) 200 155.3 250 134.4 100 201.9 200 - 192.8 0 Provisions for 24Q3 25Q3 Loan Receivable from Franchisees 173.3 Selling and Marketing Expenses 150 RMB (M) 15 12.9 11.3 10 100 5 0 24Q3 25
Slide 18: Hotel Profitability
Hotel Profitability Income From Operations Net Income RMB (M) Margin RMB (M) Margin 120 109.3 24Q3 100 24Q3 105.5 89.6 99.5 90 100 25Q3 79.1 25Q3 80 80 69.1 70 59.5 58.6 60 60 50 40 40 30 20 20 10 0 Income From Operations Adjusted Income From Operations(1) 0 (2) Net Income Adjusted Net Income 28.2%
Slide 19: Restaurant Revenue and Operating Costs and Expenses
Restaurant Revenue and Operating Costs and Expenses Total Revenue Total Restaurant Operating Costs and Expenses RMB (M) RMB (M) 80.0 70.0 70.6 70.0 63.9 60.0 60.0 50.0 48.5 50.0 49.4 40.0 40.0 30.0 30.0 20.0 20.0 10.0 10.0 0.0 0.0 24Q3 25Q3 24Q3 25Q3 19
Slide 20: Restaurant Profitability
Restaurant Profitability Income From Operations Net Income RMB (M) Margin RMB (M) Margin 8.0 7.0 6.6 6.9 7.0 6.0 6.0 5.0 5.0 4.0 4.0 3.0 3.0 2.0 2.0 0.9 0.9 1.0 1.0 0.0 0.0 24Q3 25Q3 24Q3 25Q3 9.7% 1.9% 9.4% 1.8% Adjusted EBITDA (1) Cash From Operations RMB (M) RMB (M) 10.0 9.4 8.0 7.4 9.0 7.0 8.0 5
Slide 21: Group Profitability
Group Profitability Net income Core net income (Non-GAAP) RMB（M） RMB 100.0 93.5 70.0 65.2 90.0 60.3 78.0 60.0 80.0 70.0 50.0 60.0 40.0 50.0 30.0 40.0 30.0 20.0 20.0 10.0 10.0 0.0 0.0 24Q3 25Q3 24Q3 25Q3 Net Income per ADS (Basic and Diluted) (1) Core Net Income per ADS (Basic and Diluted) (Non-GAAP)
Slide 22: Cash and Cash Equivalents
Cash and Cash Equivalents Total cash and cash equivalents, restricted cash, short-term investments, investments in equity securities and time deposits of RMB 2,014.6 Million as of September 30, 2025 RMB (M) 2,500 144.5 4.3 -1.7 -2.6 2,034.9 -164.8 2,014.6 2,000 1,500 1,000 500 0 Cash & Cash Equivale
Slide 23: Guidance; Thank you! Q&A
Guidance Based on our performance in the first nine months of this year and considering the impact from the closure of certain L&O hotels due to lease expirations and business strategy adjustments, we maintain our previous revenue guidance for the hotel business to be in the range of -10% to -13% ye
Slide 24: Appendix
Vx Hotel (High-speed Railway Station, Dongfang City, Hainan Province) 04 Appendix 24
Slide 25: Our Portfolio
Our Portfolio As of September 30, 2025 Mid-to-Up-Scale • Hotels in operation: 572 • Hotel rooms in operation: 53,108 • Room rates: RMB 200 - 600 Mid-Scale [3] • Hotels in operation: 3,016 • Hotel rooms in operation: 227,049 • Room rates: RMB 150 - 400 [4] Economy • Hotels in operation: 945 • Hotel r
Slide 26: Hotel Breakdown
Hotel Breakdown Number of Hotels in Operation Number of Hotel Rooms in Operation By Market Segment and Brand 2024Q3 2025Q3 2024Q3 2025Q3 Mid-to-up-scale 527 572 49,763 53,108 GreenTree Eastern 234 237 25,245 25,143 Deep Sleep Hotel 7 8 534 610 Gem 91 122 8,178 11,162 Gya 73 72 6,071 6,010 Vx 104 107
Slide 27: Hotel Operating Data
Hotel Operating Data 2024Q3 2025Q3 2024Q3 2025Q3 Occupancy rate Total hotels in operation 4,336 4,533 Leased-and-owned hotels 75.9% 70.9% Leased-and-owned hotels 56 52 Franchised hotels 74.6% 71.4% Blended 74.6% 71.3% Franchised hotels 4,280 4,481 Average daily rate (in RMB) Leased-and-owned hotels
Slide 28: Restaurants Operating Data
Restaurants Operating Data 2024Q3 2025Q3 2024Q3 2025Q3 Total restaurants in ADT 182 185 operation Dine In 51 31 Leased-and-owned 22 14 Delivery 55 68 restaurants Blended 106 100 Franchised restaurants 160 171 AC (in RMB) Dine In 60 55 Number of cities 53 53 Delivery 34 29 Blended 46 37 ADS (in RMB)
Slide 29: Restaurants Operating Data
Restaurants Operating Data 2024Q3 2025Q3 ADT Leased-and-owned restaurants 188 223 Franchised restaurants 89 89 Blended 106 100 AC (in RMB) Leased-and-owned restaurants 100 79 Franchised restaurants 33 30 Blended 46 37 ADS (in RMB) Leased-and-owned restaurants 18,860 17,556 Franchised restaurants 2,9
GreenTree Hospitality Group — Q3 2025 Earnings Presentation on 6ix